Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Lakewood Village | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $117,918 | $76,510 | $78,145 |
| Median Personal Income | $117,918 | $76,510 | $78,145 |
| Average income growth | 6.4% | 6.4% | 6.4% |
The median household income in Lakewood Village is about 54% higher than in Texas. Income has been growing faster in Lakewood Village (6.4%/yr) than in Texas (4.8%/yr).
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Lakewood Village, Texas grew by 51.0% from 2009 to 2023, reaching $117,918 in 2023. That's an average of about 3.6% per year.
Economic Inequality in Lakewood Village | Gender Pay Gap | Gini Coefficient
| Metric | Lakewood Village | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.524 | 0.587 | 0.570 |
| Male Median Income | $70,855 | $64,517 | $67,746 |
| Female Median Income | $65,560 | $51,419 | $54,793 |
| Gender Pay Gap | 7.5% | 20.3% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Lakewood Village, it is 0.524, lower than Texas's 0.587, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 8% more than women's income in Lakewood Village, Texas.
Income by Sex Over Time
Since 2009, the income gap between men and women in Lakewood Village, Texas has narrowed from about 16% to 7% in 2023.
Employment
| Metric | Lakewood Village | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 2.7% | 5.1% | 5.2% |
| Working from Home | 27.5% | 12.8% | 13.4% |
| Commute time (minutes) | 31 | 22 | 22 |
The average commute time in Lakewood Village is 31 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Lakewood Village, Texas has fallen from 7.3% to 2.7% in 2023.
Conclusion
Considering all these factors, Lakewood Village, Texas has an overall wealth index grade of A, making it notably better than Texas, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Lakewood Village, Texas.
How Rich Is Lakewood Village, Texas?
Lakewood Village has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $117,918, about 54% higher than the Texas average of $76,510.
What is the current median household income in Lakewood Village, Texas?
As of 2023, the median household income in Lakewood Village, Texas is $117,918.
What was the median household income in Lakewood Village in 2023?
In 2023, the median household income in Lakewood Village, Texas was $117,918.
What was the median household income in Lakewood Village in 2020?
In 2020, the median household income in Lakewood Village, Texas was $99,562.
What is the Gini coefficient in Lakewood Village, Texas?
The Gini coefficient in Lakewood Village is 0.524. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Lakewood Village, Texas?
Since 2009, the income gap between men and women in Lakewood Village, Texas has narrowed from about 16% to 7% in 2023.